Zhonghua Gas Holdings Cash Flow Statement

Financials in millions CNY. Fiscal year is April - March.

Millions CNY. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2016 - 2020
Period Ending	Sep '25 Sep 30, 2025	Mar '25 Mar 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	2016 - 2020
Net Income	-40.2	-48.64	-49.1	-6.66	-5.25	-191.31	Upgrade
Depreciation & Amortization	1.9	1.82	1.87	13.14	14.55	14.84	Upgrade
Loss (Gain) From Sale of Assets	0.02	0.02	-	-	0.04	-0.15	Upgrade
Asset Writedown & Restructuring Costs	1.1	1.1	-	26.87	0.93	-	Upgrade
Stock-Based Compensation	21.49	21.49	-	1.63	-	-	Upgrade
Provision & Write-off of Bad Debts	-3.34	-3.34	-	-66.74	-29.39	195.4	Upgrade
Other Operating Activities	16.18	7.64	-82.46	15.07	10.87	-28.29	Upgrade
Change in Accounts Receivable	-139.35	-139.35	-	181.57	3.96	4.81	Upgrade
Change in Accounts Payable	1.41	1.41	-	-1.65	-13.61	8.26	Upgrade
Change in Unearned Revenue	5.16	5.16	-	-	-0.24	-14.43	Upgrade
Operating Cash Flow	-135.63	-152.67	-129.69	163.23	-18.14	-10.87	Upgrade
Capital Expenditures	-0.63	-0.59	-0.74	-0.45	-0.06	-11.74	Upgrade
Sale of Property, Plant & Equipment	-0.23	0.92	1.15	-	0.15	7.5	Upgrade
Other Investing Activities	0.11	0.14	0.17	0.79	0.1	0.17	Upgrade
Investing Cash Flow	-0.75	0.46	0.58	0.34	0.19	-4.07	Upgrade
Short-Term Debt Issued	-	-	49.54	8	-	-	Upgrade
Total Debt Issued	17.06	42.47	49.54	8	-	-	Upgrade
Short-Term Debt Repaid	-	-	-99.12	-4.55	-	-1.8	Upgrade
Long-Term Debt Repaid	-	-	-1.61	-1.92	-3.15	-9.48	Upgrade
Total Debt Repaid	-45.98	-81.09	-100.73	-6.47	-3.15	-11.28	Upgrade
Net Debt Issued (Repaid)	-28.91	-38.62	-51.19	1.53	-3.15	-11.28	Upgrade
Issuance of Common Stock	43.35	43.35	54.19	-	-	3.73	Upgrade
Other Financing Activities	0.12	-0.62	-0.94	-8.03	-4.88	-0.31	Upgrade
Financing Cash Flow	14.56	4.11	2.05	-6.5	-8.02	-7.86	Upgrade
Foreign Exchange Rate Adjustments	0.08	0.12	0.08	0.26	3.96	-1.92	Upgrade
Net Cash Flow	-121.76	-147.98	-126.98	157.33	-22.02	-24.72	Upgrade
Free Cash Flow	-136.26	-153.26	-130.43	162.78	-18.2	-22.61	Upgrade
Free Cash Flow Margin	-141.29%	-157.66%	-146.24%	87.21%	-9.08%	-5.37%	Upgrade
Free Cash Flow Per Share	-0.03	-0.04	-0.04	0.04	-0.01	-0.01	Upgrade
Cash Interest Paid	0.06	0.14	0.34	7.27	6.88	0.31	Upgrade
Cash Income Tax Paid	0.07	0.07	0.06	0.34	0.03	1.09	Upgrade
Levered Free Cash Flow	-	-	-119.01	148.88	-24.33	64.9	Upgrade
Unlevered Free Cash Flow	-	-	-113.67	150	-24.19	65.09	Upgrade
Change in Working Capital	-132.78	-132.78	-	179.92	-9.89	-1.36	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.